Coventry to emerge from administration as offer from Otium Entertainment is accepted

Coventry City will emerge from administration next week, effectively under the same ownership.

The administrator, Paul Appleton, confirmed on Friday night that he had accepted a bid from Otium Entertainment Group Ltd.

That company is linked to the former owners, hedge fund SISU, who were among the largest creditors.

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Adminstrator Paul Appleton said in a statement: 'Following a stringent sale process, I can confirm a bid has now been accepted from Otium Entertainment Group Limited.

'This offer allows me to achieve the purpose of the administration and, following discussions with the Football League, I am hopeful a completion of the sale can be achieved as swiftly as possible.'

'I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry City fans.

Deadline: The deadline for bids passed at noon on Thursday

'However, the bid from Otium
Entertainment Group Limited was substantially more than any of the other
three bids received and was the bid which gave the greatest return to
the unsecured, non-connected creditors of CCFC Limited by a considerable
margin.'

Coventry, who have been in
administration since March, added in a statement: 'We are pleased with
the decision which helps to assure the future of the club.

'Our absolute focus now is to exit
CCFC Limited from the administration process so we can get back to
running a football club and make the decisions we need to in time for
next season.'